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Longboat Energy announces the completion of farm-in agreement

Published by , Deputy Editor
Oilfield Technology,

Longboat Energy has announced the completion of the farm-in agreement, announced on 09 May 2022, with OMV (Norge) AS.

Through the agreement, Longboat farmed-in to two near-term, gas weighted exploration prospects on the Norwegian Continental Shelf targeting combined gross unrisked mean prospective resources of 223 mmboe (45 mmboe net to Longboat).

The first of these wells, Oswig, is expected to spud in July with Velocette expected to be drilled in Q2 2023. In addition, and separate to the OMV farm-in, a further exploration well, Copernicus, is expected to commence drilling before the end of this quarter.

Oswig and Velocette are operated by OMV (40% working interest) and both licences have significant follow-on prospectivity which would be de-risked by any exploration success. The Oswig well could significantly derisk further gross unrisked mean resources of 80 mmboe.

Helge Hammer, Chief Executive of Longboat, commented: “We are pleased to have completed the farm-in agreement with OMV and look forward to spudding the first of the two additional wells in July. This will be the first in a series of three fully-funded, gas-focused exploration wells of which the first two are anticipated to spud over the next three months.”

“Securing these additional wells through a bilateral negotiation continues to demonstrate Longboat’s deep relationships in Norway.”

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